Keltbray confirms 2025 turnover fall

Keltbray said turnover was down 12% to £320m last year confirming an earlier update this week that a slowdown in London commercial had helped see income slide.

In accounts now filed at Companies House, the firm said pre-tax profit was up from £3m to £20m – but this included a near £15m gain on intercompany debt release in the statutory accounts.

Underlying pre-tax profit, which excludes redundancy costs of just over £1m, was up from £3.2m to £5.3m for the year to October 2025 while year-end cash was up 44% to £11.4m.

Following the restructurig, the number of people at the business at the year-end fell 12% to 531.

The accounts also revealed that Michael O’Hagan resigned as a director last December. O’Hagan joined Keltbray in summer 2020 from Getjar, where he was commercial director, to head up its concrete arm.

But O’Hagan is still with the firm in a project management role with Lee Cain taking over as managing director of the built environment business.

In this week’s update, Keltbray, which is working on tearing down buildings at 55 Old Broad Street and 60 Gracechurch Street as well as stripping out the current building where 1 Undershaft is planned, said it expected turnover to grow to around £400m in 2027 as the firm targets more infrastructure, renewables and data centre work.

It added: “Keltbray expects 2026 to be a transitional year. Performance in the first half of the year is in line with budget expectations, reflecting lower revenue levels identified early, which enabled proactive cost base adjustments.”